With a mortgage pre-approval letter in hand, know your buying power before you even look at your first potential new home.
If you are ready to start the homebuying process, you have probably already heard about getting pre-qualified or pre-approved for a mortgage first. In fact, most real estate agents will want a pre-qualification or pre-approval letter before they start showing you homes.
There are several advantages of getting pre-qualified or pre-approved before you start your home search.
- Focus your search
- Know your options
- Move forward confidently
- Show sellers you are serious
What’s the difference between a mortgage pre-qualification and mortgage pre-approval?
A pre-qualification is the first step in the process. When you pre-qualify for a mortgage, you are getting an estimate of how much you can borrow, based on information you provide along with a credit check. At this stage, you will learn about different mortgage loans, look at loan amounts, interest rates, and monthly payments that fit your budget.
A pre-approval takes the pre qualification to the next stage by verifying the information you provided. You will be asked to provide income and asset documentation that will be reviewed to determine loan eligibility. A mortgage pre-approval is as close you can get to a full approval without having a property under contract.
Pre-Qualification
Start house hunting
Provide basic information
Answer questions and credit check
Pre-Approval
Ready to make an offer
Provide basic information
Provide financial documents and credit check
You may find that you qualify for more than you are wanting to spend. It’s a good idea to start with your monthly budget and then convert this to a home price that fits. Explore the mortgage options that best fit using our Home Affordability Calculator.
How long does it take?
Getting a mortgage pre-qualification is a quick process and can be done online, with results typically within an hour. A mortgage pre-approval will take a little longer as you will need to provide your income and asset documents to be reviewed. These documents can be uploaded directly into the application portal.
How long is a pre-qualification or pre-approval letter good for?
A pre-qualification letter doesn’t have an expiration date but it’s a good idea to have it updated if it’s over 30 days old. A pre-approval letter is generally good for 90 days as the information and supporting docs have already been pre-underwritten.
Ready to get started?
If you are interested in learning more about the pre-qualification and pre-approval process, we are here to answer all of your questions. We will walk through the numbers and the process, from application to closing.
Complete our Quote Request below or call us at 404-303-7411 to take the first step.
Get started today!
Fill out the questionnaire on the next page to start a discussion about your mortgage needs today!
